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The deputy chairman of Hellman & Friedman is to leave the US buyout firm as it targets $8bn (â¬6.3bn) for its new fund, and sets its sight on sports marketing agency, Sportfive.

Matthew Barger has decided to retire, according to Bloomberg, but will remain a senior adviser to the firm. Hellman & Friedman declined to comment.

Barger held the position of deputy chairman since the firm’s inception 22 years ago. He had not sourced any transactions for the firm in the last two funds, but according to an investor source his experience and what he brought to the decision-making process would be missed by Hellman & Friedman.

Patrick Healy, a managing director and head of the firm’s London office, and Philip Hammarskjold, also a managing director, have replaced Barger on the firm’s investment committee.

Hellman & Friedman’s new fund, its sixth, will be more than double the size of the $3.5bn raised in 2004, as reported by Financial News in August. It is expected to launch by year-end or early in 2007.

The Washington State Investment Board, a pension fund, said it may commit $275m to the fund, and confirmed the target of $8bn, according to Bloomberg. The firm’s partners will invest $375m of their own money in the new fund.

In an unrelated development Hellman is one of the firms stalking Sportfive, a sports rights marketing agency owned by Advent International, Goldman Sachs and broadcaster RTL. Hellman has partnered with Sir Martin Sorrell’s advertising group WPP to mount a $1bn bid for the company. The pair face competition from rival firms including Cinven, Permira and Apollo Management, as well as trade buyers.